Beans Gain Double Digits

Jan futures expired at $14.36 1/2 per bushel, $464.90/ton, and 43.27 cents/lb for beans, meal and oil respectively. The other front month soybean futures closed the session 20 1/2 to 24 3/4 cents higher. Meal futures ended the day up by $6.30 to $7.80. BO futures gained 77 to 93 points on Thursday. USDA’s weekly Export Sales report showed soybean bookings were above expectations with 908k MT sold. That was a 9 week high for soybean sales, with China and Spain as the top buyers. Total soybean commitments are now 2.046 bbu, which is 92% of USDA’s forecast. Soybean shipments were reported at 2.04 MMT for the week, which is 69% above the same week last year. For new crop, USDA reported 326,000 MT sold, mostly to Mexico and the Netherlands. USDA reported the week’s soymeal sales at 337,423 MT. That was up 172% wk/wk, and slightly above the range of pre report estimates. BO bookings were 11,113 MT for the week ending 1/7. Trade estimates ahead of the NOPA crush reports see record crushing activity continuing with an average estimate of 185.175 mbu for December. Refinitiv data suggests Argentina soy oil exports were just 72,000 MT in December. Shipments were hamstrung by a series of strikes. Rosario Grains Exchange estimates 47 MMT of Argentine soybean output in 2021.

Mar 21 Soybeans closed at $14.30 1/2, up 24 1/4 cents,
May 21 Soybeans closed at $14.27 3/4, up 24 cents,
Jul 21 Soybeans closed at $14.13 1/4, up 24 3/4 cents,
Aug 21 Soybeans closed at $13.60, up 23 3/4 cents,
Mar 21 Soybean Meal closed at $464.90, up $7.80
Mar 21 Soybean Oil closed at $43.11, up $0.93

--- provided by Brugler Marketing & Management




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